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Professional Gambler Status

Professional Gambler Status - taxes

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Colin Cody

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1

Am I a Professional Gambler?

http://www.professionalgamblerstatus.com/professionalgambler.htm

Am I a Professional Gambler? Examples of Gaming Taxation. Planning, Review and Preparation. Become a client here. Fox News Story 2/24/2006. An individual professional gambler's expenses relating to his trade or business are usually fully deductible under IRS Code 162. As above the line items. Thus, unlike recreational gambler, most of an individual professional gambler's expenses (within reason) are deducted on Schedule C rather than as itemized expenses on Schedule A. Gambler guides and books. On-line s...

2

Poker Hands

http://www.professionalgamblerstatus.com/poker.htm

Ten, Jack, Queen, King, Ace of the same suit. Straight with all five cards in the same suit. Four of a Kind:. Four cards of the same number or face value (quads). Three cards of one number or face value and two cards of another number or face value. If more than one player has a full house, the full house with the highest ranking three of a kind (trips) wins. Five cards of the same suit. If there is more than one flush, the hand with the highest card(s) wins. Three of a Kind:. What can you do?

3

State Gambler Taxes

http://www.professionalgamblerstatus.com/statetaxes.htm

Examples of Gaming Taxation. Planning, Review and Preparation. Become a client here. Fox News Story 2/24/2006. Deducting losses: If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings. Http:/ www.irs.gov/newsroom/article/0, id=108277,00.html. State Gambling Laws :. Http:/ www.gambling-law-us.com/State-Laws/. Connecticut Income Tax Treatment of Gambling Winnings:. Http:/ www.ct&#...

4

Unintended Tax Consequences

http://www.professionalgamblerstatus.com/pollack.htm

By Sheldon D Pollack. Examples of Gaming Taxation. Planning, Review and Preparation. Become a client here. Fox News Story 2/24/2006. GROSS REVENUE FROM GAMBLING: SOME UNINTENDED CONSEQUENCES. Sheldon D. Pollack. 76 Tax Notes 1455. September 15, 1997. Professor Sheldon D. Pollack. Explains how the Omnibus Budget and Reconciliation Act of 1990 created some unintended adverse consequences for recreational gamblers. Sheldon D. Pollack,. GROSS REVENUE FROM GAMBLING: SOME UNINTENDED CONSEQUENCES. To understand...

5

Examples of Gaming Taxation

http://www.professionalgamblerstatus.com/examples.htm

Examples of Gaming Taxation. Examples of Gaming Taxation. Planning, Review and Preparation. Become a client here. Fox News Story 2/24/2006. Examples based on 2005 tax tables:. CT resident, single, wages $20,000, itemized deductions (mortgage interest and state taxes) $12,000. IRS tax: $483 CT tax: zero. Same taxpayer but he wins $500,000 during the year and loses $505,000 as a casual gambler. IRS tax: $2,264 CT tax: $25,800 = tax penalty $27,581. IRS tax: $zero CT tax: zero = tax savings $28,064. Same ta...

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Home Page and Site Index. Sports betting as a business since 1997. The New York Times. Who the hell is J.V. Miller? Winningest Baseball Picks in the World. If you're a full-time sports bettor or successful part-timer you can profit instantly from this site, OR if you're a recreational bettor or beginner we can cut years from your learning time and help you earn while you learn.Here's how:. You can profit right away from the articles here, even if you're already a seasoned pro! If you are looking for 70%-...

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Search this site: click Google logo and. Then enter text into the search window. Examples of Gaming Taxation. Planning, Review and Preparation. Become a client here. Fox News Story 2/24/2006. Looking for tax deductions? Online gaming and Casino gambling is fast. exciting. profitable. challenging. and tax deductible! When you tally up your gambling winnings tax forms W-2G each year - do you see that the IRS is taking away too much from your hard won gaming profits? Here at ProfessionalGamblerStatus.com.

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